Corn Futures Slide as Yields Fall Short of Expectations

Corn futures are experiencing weakness midday Tuesday after an early gain on Monday. The CmdtyView national average Cash Corn price is down 1 ¼ cents at $4.35.

The ProFarmer Crop Tour results showed South Dakota corn yields averaging 149.09 bushels per acre, down 14.41% from last year and 8.37% below the three-year average. Ohio yields came in at 180.18 bushels per acre, down 2.97% from a year ago and a 2.25% decline from the three-year average.

The weekly Crop Progress report showed 76% of the US corn crop in the dough stage by August 16, with 29% dented and 4% listed as mature. Condition ratings were down 1% this week at 60% in good to excellent condition.